November 9, 2016
The ALTA Advocacy Team has been poring over election results (and consuming mass amounts of coffee and donuts) since the early morning. We’re examining the one thing you should know today, how the transition to a new President and new Congress will work, what to expect in the lame-duck session of Congress that begins next week, and how all of this impacts the land title insurance industry.
Check out our exclusive TAN Election Recap below focusing on TIPAC’s influence, the White House, the CFPB, the House, the Senate and much more.
ALTA is proud to announce that TIPAC supported 141 candidates for Congress this election cycle with 41 states represented by those candidates. As of 11 a.m. today, 95% of TIPAC’s candidate won election or re-election to Congress. Check out our full report on TIPAC’s tremendous success by clicking here. TIPAC raised $532,313 in 2016 and we are very close to hitting $1 million raised in this election cycle. If you haven’t donated yet, please contact ALTA’s director of political affairs, Jessica McEwen, at firstname.lastname@example.org today.
THE WHITE HOUSE:
The Result: President-Elect Donald Trump (276-228 Electoral Votes as of 12 p.m. today)
The One Thing: President-Elect Trump is an unconventional candidate and we expect him to develop unconventional coalitions as he works to implement his campaign promises.
Fact: Donald Trump is the first president ever elected without having previous experience as an elected official, government, or military leader.
The Transition: Watch to see who formally leads Trump’s Transition Team and which individuals he begins to name for Cabinet positions, etc. as that will tell us how he plans to govern, either with appointees with business backgrounds or government experience.
Lame Duck: The spotlight will be on the policies Trump wants to focus on during his first 100 days in office. Even with a Republican majority in Congress, Trump’s policy agenda will take priority and coalitions will be built around particular policy issues soon.
Industry Impact: ALTA is interested to see if legislative priorities are initiated: the White House or Congress. Will we see an activist president? Will there be regulatory rollbacks or legislative change from a new Republican majority? The bellwether for these changes is what Mr. Trump says about reform of the Affordable Care Act.
CONSUMER FINANCIAL PROTECTION BUREAU
The Result: The CFPB lives on, but we expect to see stronger calls for structural changes, specifically the possibility of being subject to Congressional appropriations and/or establishing a commission structure. Mr. Trump campaigned on the challenges businesses face from burdensome regulation. This is an area of focus in our message to the transition team.
The One Thing: Do not expect any wholesale repeal of the CFPB (or TRID for that matter).
The Transition: Will Richard Cordray remain the CFPB’s director? His current term ends in January 2018.
Lame Duck: There is a potential for hearings with Director Cordray in the House and Senate. Will we see the CFPB rush new regulations or enforcement actions before Inauguration Day? Time will tell.
Industry Impact: We’ve built strong relationships among Bureau staff and Director Cordray and we’ll continue those conversations. We expect no real change – for now.
Survey: Would you want to repeal TRID? Take our survey today! Click here to participate.
U.S. HOUSE OF REPRESENTATIVES
The Result: 238-193 (as of 12 p.m.)
The One Thing: Keep an eye on the relationship between Trump vs. House Speaker Paul Ryan.
The Transition: ALTA will be watching the House Financial Services Committee and the new members that join the committee. See below for more information on what to expect on this committee.
Lame Duck: Current government funding runs out December 9. Congress will focus on short-term spending and keeping the government running through the inauguration. We also expect a hearing in the House Financial Services Committee with CFPB Director Richard Cordray. Finally, we’ll keep an eye on House leadership elections.
Industry Impact: It’s important to remember that while the presidential race was turbulent and surprising, the House and Senate races have resulted in relatively no change in the makeup of Congress.
Musical Chairs: There are 10 Members of Congress NOT returning to the House Financial Services Committee: Scott Garrett (NJ), Randy Neugebauer (TX), Michael G. Fitzpatrick (PA), Lynn A. Westmoreland (GA), Robert Hurt (VA), Marlin A. Stutzman (IA), Frank Guinta (NH), Rubén Hinojosa (TX), John C. Carney Jr. (DE) and Patrick Murphy (FL). Results of this year’s election and the changes on committees highlight the significance of developing political relationships between land title professionals and your respective members of Congress. If you know a member of Congress, please sign up today to be an ALTA Congressional Liaison. Email TAN@alta.org for details.
The Result: 51-47 (as of 12 p.m.)
The One Thing: Does Hillary Clinton’s loss unleash progressives? We’ll be watching to see which Democrats begin to jockey to lead a disjointed party. Elizabeth Warren seems poised to move into the leadership role.
The Transition: ALTA will watch the Senate Banking Committee and Senator Mike Crapo as the new chairman. See below for more information on what to expect on this committee.
Lame Duck: Like the House, the Senate will focus on keeping the government running and short-term spending. We do not expect the Senate to act on a Supreme Court nomination in the Lame Duck. In addition to a CFPB Director Cordray hearing in the House, there is a chance for a Senate Banking Committee hearing as well.
Industry Impact: We’ll monitor the reaction to cabinet and undersecretary nominations. We’re also examining the coalitions that begin to be built around the policy areas most important to Trump.
Musical Chairs: The Senators NOT returning to the Senate Banking Committee are David Vitter (LA) and Mark Kirk (IL). Charles E. Schumer (NY) may also not return as he is likely to be named Minority Leader. Results of this year’s election and the changes on committees highlight the significance of developing political relationships between land title professionals and their respective members of Congress. If you know a member of Congress, please sign up today to be an ALTA Congressional Liaison. Email TAN@alta.org for details.
With changes in leadership to the Senate Banking Committee, GSE reform may regain the attention of some in Congress. It’s not certain that any particular legislation will move forward; however, ALTA has been active in the past on various GSE proposals and we’ll remain involved moving forward.
We’re also watching leadership at the FHFA and FHA as their roles may change in the coming months as well.
Thank you for being a TAN member and helping give our industry a voice with our legislators and regulators in your state and in Washington, D.C. Want to learn more about how the election results impact ALTA’s advocacy and why our Congressional Liaison program and TAN remain so important to the industry? Register for our upcoming webinar on Monday, December 5, from 12 p.m. to 1 p.m. Eastern by clicking here.
Open a PDF here: tan-election-recap-2016